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The technologies utilized by XYZ shall focus upon development of alternative sources of gas and oil so as to remain competitive within the industry Answer: b The strategic management process is a. Answer: d
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Micro environmental factors are internal factors close to a business that have a direct impact on its strategy. These factors include: Customers Organisations survive on the basis of meeting customer needs and wants and providing benefits for their customers. Failure to do so will result in a failed business strategy. Employing the correct staff and keeping staff motivated is an essential part of an organisation's strategic planning process. Training and development play a critical role in achieving a competitive edge; especially in service sector marketing.
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This is clearly apparent in the airline industry, where customer services are crucial in obtaining a competitive edge. Suppliers provide businesses with the materials they need to carry out their business activities. A supplier's behaviour will directly impact the business it supplies. For example if a supplier provides a poor service this could increase timescales or lower product quality. An increase in raw material prices will affect an organisation's marketing mix strategy and may even force price increases. Close supplier relationships are an effective way to remain competitive and secure quality products. As organisations require inward investment to grow, they may decide to move from private to public ownership and list on the stock market. The introduction of public shareholders brings new pressures as public shareholders want a return from the money they have invested in the company.
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Shareholder pressure to increase profits will affect organisational strategy. Relationships with shareholders need to be managed carefully as rapid short term increases in profit could detrimentally affect the long term success of the business. Competitors The name of the game in marketing is differentiation. Can the organisation offer benefits that are better than those offered by competitors? Does the business have a unique selling point USP? Competitor analysis and monitoring is crucial if an organisation is to maintain or improve its position within the market. If a business is unaware of its competitor's activities they will find it very difficult to beat them.
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The market can move very quickly whether that is a change in trading conditions, consumer behaviour or technological developments. As a business it is important to examine competitors' responses to these changes so that you can maximise the impact of your response. There are many factors in the macro-environment that will effect the decisions of the managers of any organisation. Tax changes, new laws, trade barriers, demographic change and government policy changes are all examples of macro change. This classification distinguishes between: Political factors. These refer to government policy such as the degree of intervention in the economy. What goods and services does a government want to provide? To what extent does it believe in subsidising firms? What are its priorities in terms of business support? Political decisions can impact on many vital areas for business such as the education of the workforce, the health of the nation and the quality of the infrastructure of the economy such as the road and rail system.
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Economic factors. These include interest rates, taxation changes, economic growth, inflation and exchange rates. As you will see throughout the "Foundations of Economics" book economic change can have a major impact on a firm's behaviour. For example: - higher interest rates may deter investment because it costs more to borrow - a strong currency may make exporting more difficult because it may raise the price in terms of foreign currency - inflation may provoke higher wage demands from employees and raise costs - higher national income growth may boost demand for a firm's products Social factors.
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Changes in social trends can impact on the demand for a firm's products and the availability and willingness of individuals to work. In the UK, for example, the population has been ageing. This has increased the costs for firms who are committed to pension payments for their employees because their staffs are living longer. The ageing population also has impact on demand: for example, demand for sheltered accommodation and medicines have increased whereas demand for toys is falling.
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Technological factors: new technologies create new products and new processes. MP3 players, computer games, online gambling and high definition TVs are all new markets created by technological advances. Online shopping, bar coding and computer aided design are all improvements to the way we do business as a result of better technology. Technology can reduce costs, improve quality and lead to innovation. These developments can benefit consumers as well as the organisations providing the products. Environmental factors: environmental factors include the weather and climate change. Changes in temperature can impact on many industries including farming, tourism and insurance. With major climate changes occurring due to global warming and with greater environmental awareness this external factor is becoming a significant issue for firms to consider.
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The growing desire to protect the environment is having an impact on many industries such as the travel and transportation industries for example, more taxes being placed on air travel and the success of hybrid cars and the general move towards more environmentally friendly products and processes is affecting demand patterns and creating business opportunities.
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Legal factors: these are related to the legal environment in which firms operate. In recent years in the UK there have been many significant legal changes that have affected firms' behaviour. The introduction of age discrimination and disability discrimination legislation, an increase in the minimum wage and greater requirements for firms to recycle are examples of relatively recent laws that affect an organisation's actions. Legal changes can affect a firm's costs e. Different categories of law include: consumer laws; these are designed to protect customers against unfair practices such as misleading descriptions of the product competition laws; these are aimed at protecting small firms against bullying by larger firms and ensuring customers are not exploited by firms with monopoly power employment laws; these cover areas such as redundancy, dismissal, working hours and minimum wages.
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They aim to protect employees against the abuse of power by managers health and safety legislation; these laws are aimed at ensuring the workplace is as safe as is reasonably practical. Political stability, international trade, taxation policy Economic e. Organizations need to build strength and repair their weakness available in the business environment. Therefore, this process consists of not only a single step but a process of various steps. Environmental analysis comprises scanning, monitoring, analyzing, and forecasting the business situation. Scanning is to get the relevant information from the information overload. It is to focus on the most relevant information. Monitoring is to check the nature of the environmental factors.
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Analyzing requires data collection and use of different required tools and techniques. Forecasting is to find the future possibilities based on the past results and present scenario. Environmental analysis process is not static but a dynamic process. It may differ depending on the situation. However, a general process with few common steps can be identified as the process of environmental analysis these are a Monitoring or identifying environmental factors, b Scanning and selecting the relevant factors and grouping them, c Defining variables for analysis, d Using different methods, tools, and techniques for analysis, e Analyzing environmental factors and forecasting, f Designing profiles, and g Strategic positioning and writing a report.
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Brief discussion is made on each of the step of this environmental analysis process. Q: Strategic implementation is challenging task in business organizations dealing with a problem of organizational structure, systems, styles, culture, power and authority. Explain with an appropriate example. Formulating strategy is a difficult task. Making strategy workexecuting or implementing it throughout the organizationis even more difficult. This is where most failures occur. It is not uncommon for strategic plans to be drawn up annually, and to have no impact on the organization as a whole. Some obstacles to effective execution The road to effective strategy execution is full of potholes and dangers. What are some of them? Planning and execution are interdependent.
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Strategy formulation and implementation are separate, distinguishable parts of the strategic management process. Logically, implementation follows formulation; one cannot implement something until that something exists. But formulation and implementation are also interdependent, part of an overall process of planning-executing-adapting.
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This interdependence suggests that overlap between planners and doers improves the probability of execution success. Not involving those responsible for execution in the planning process threatens knowledge transfer, commitment to sought-after outcomes, and the entire implementation process. Execution takes time. The successful implementation of strategy takes more time than its formulation. This can challenge managers attention to execution details. The longer time frame can also detract from managers attention to strategic goals. Controls must be set to provide feedback and keep management abreast of external shocks and changes. The process of execution must be dynamic and adaptive, responding to unanticipated events.
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This imperative challenges managers responsible for execution. Execution involves many people. Strategy implementation always involves more people than strategy formulation. This presents problems. Communication down the organization or across different functions becomes a challenge. Making sure that processes throughout the organization support strategy execution efforts can be problematical in a large organization. Linking strategic objectives with the day-to-day objectives at different organizational levels and locations becomes a challenging task.
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The larger the number of people involved, the greater the challenge to execute strategy effectively. Effective execution involves managers across all hierarchical levels. Another problem is that some top-level managers believe strategy implementation is below them, something best left to lower-level employees. This view holds that one group of managers does innovative, challenging work planning , and then hands off the ball to lower-levels for execution. If things go awry, the problem is placed squarely at the feet of the doers, who somehow couldnt implement a perfectly sound and viable plan. Managing change is difficult.
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According to these critics, marketers encourage consumers to spend more money than they should on goods and services they really do not need. What is your opinion of this on-going debate? Take a stance and defend your position using examples of companies that you perceive to have created or satisfied customer needs. Answer: I believe that marketing shapes the needs and want of customers.
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In fact, that now marketers create needs and wants that didn't exist before it says that consumers not always know what they really need and want. For example, many years ago, few people might feel that they need a cell phone. If marketers simply followed this information, cell phone will nor be so popular now. Marketers shapes consumers to realize this need and stimulates this market. So, marketing may lead consumers to realize a need that might have previously gone unnoticed. Henry Ford Question 4: With marketers increasingly adopting more and more refined market segmentation schemes — fueled by the Internet and other customization efforts- some critics claim that mass marketing is dead. Others counter that there will always be room for large brands that employ marketing programs targeting the mass market.
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Take a position whether mass marketing is dead versus mass marketing is still a viable way to build a profitable brand. Answer: I think, mass marketing will never die. And there are many reasons for that. Firstly, mass marketing is losing popularity is directly related to the maturity of many markets. There is another reason that mass marketing is on the decline is the demand from consumers for personalization. Compared with many years ago, there are more people today who want to be different. Advances in technology now let manufacturers create specialty products much more economically than they could before, and because they can, the market for many products has become extremely competitive.
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So, in order to compete, manufacturers continue to refine their segmentation to appeal to more slices of the market. It's a vicious circle. Question 5: What are Segmentation, Targeting and Positioning? How important are they in offering customer value? Why it may become necessary for companies to change their market segmentation identification over time? Answer: Segmentation: Dividing a market into smaller groups of buyers with distinct needs, characteristics, or behavior who might require separate products. Next step is to target one or more segments. Consists of set of buyers who share common needs or characteristics that the company decides to serve. Positioning is developing a product and brand image in the minds of consumers. It's become necessary for companies to change their market segmentation, because markets are dynamic. The market preference is always changing, so the company should make sure that their capacity and capability match with their market segment demand.
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If the current segment is not well match toward the company capability, consequently the organization should change their market identification. Their rationale is that all brands, in some sense, have a finite life and cannot be expected to be leaders forever. Other experts contend, however, that brands can live forever, and their long-term success depends on the skill and insight of the marketers involved.
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Take a stance whether brands cannot be expected to last forever versus there is no reason for a brand to ever become obsolete. Answer: Nothing is forever, but some brands can carry on for an extended time if the brand is managed in a way that its value doesn't depreciate. Brand leaders such as Coca-Cola has survived the test of time because they are constantly modifying and improving their strategy or introdusing new products.
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So, well-managed, a brand could live forever. American Express, Western Union and other brands also still going strong after more than years. Even if brands dies it can rise again. Do you support this statement? If yes, why? If not, why not? Answer: "Customer is always right" is one of the idea employed by some of the company in the market. There is nothing right or wrong about the idea. It was based on the intention to fulfill and satisfy customer needs. However, this can be achieve by not bound with the mean of the phrase "Customer is always right". The customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it. Some marketers believe that product performance is the end all and be all.
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Other marketers maintain that the looks, feel, and other design elements of products are what really make the difference. Take a position whether product functionality is the key to brand success versus product design is the key to brand success. Answer: Consumers buy products to satisfy a need. A product must perform to an acceptable level according to the consumer's perception of benefits in their customer value hierarchy. Products have unique characteristics and specific brand identifications that meet consumers' needs that are not related to functionability.
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Such needs as status, selfactualization and style. For example, most automobiles will perform the task of taking a person from point A to point B. However, it is the design of the automobile that appeals to the buyer. For many consumers style plays more important role. And I think design can be a powerful marketing asset. Discuss this statement and its implications for effective marketing. Answer: We make purchases not for the products themselves, but for the problems they solve or the opportunities they offer.
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Marketing should focus on the product benefits. This must be done so that sonsumers to know the advantages of your product and then interested to use it. They want to buy a benefit, so exactly what benefit will your product or service be to them? Marketers have to find out what customers personally consider to be benefit. For effective marketing: Marketers should define their business in customer benefit term. What do customers want from products like yours? Why should someone buy your product? What benefits or results the customer recieve from doing business with you? What will your product do for them? Marketers should give significant thought to the problem what their product or service is solving in the life of the customer and to put themselfes in their place and think about benefits they as a customer would expect and demand.
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Question Why is it important that an organization undertakes regular monitoring of its market environment and what are the key areas that should be examined? Answer: Regulary monitoring market environment is important for business to succeed. The company should analyse its performance to ensure that it remains effective. This will allow the company to have better control over the performance of company's market strategy. Marketers need to understand the marketing environment and modify their marketing plans so as to maximise opportunities and minimise threats. Businesses are constantly being inluenced by their external and internal environments.
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